Global Leaders in the Making

The IT-BPO Industry in India Twenty years ago, no one would have imagined so many young Indian men and women in their early twenties globetrotting the world on official business. The IT-BPO industry has, however, made this image a reality in India. Though still a "teenager" (having started in the mid to late 1990s) the Indian BPO industry has created (and continues to do so) global leaders of tomorrow. In fact, the industry has carved out for itself a position as strong and stable – if not more so – than that previously held and cherished by top-notch consultancy companies. Today, young Indian men and women are working for Fortune 500 companies, thus learning from the best minds in the world. They are also being exposed to an environment increasingly involving key corporate decisions, business practices, and cultures that enables them to become smarter, more skilled individuals at an early stage in their career. Imagine having the opportunity to fly across the world learning the best in today’s business processes – and then implementing these as an outsourcing partner. According to the NASSCOM (the premier trade body and the chamber of commerce of the IT-BPO industries in India) Strategic Review 2011, the Indian BPO industry grew by 14 percent to reach USD 14.1 billion in Financial Year 2011. This report says India has retained its position as the leading global offshore destination with a 55 percent share of the global ITO and BPO market in the year 2010, and that it was able to increase its market share in spite of competitive challenges presented by emerging offshoring destinations like China, the Philippines, Poland, South Africa, and Mauritius. This data highlights the opportunity provided for India’s young work force by this industry. Snapshot India Agriculture is the predominant occupation in India, accounting for about 52% of employment. The service sector makes up a further 34% and the industrial sector around 14%. In addition to IT-BPO services, some of the other growing service industries that allow foreign participation in India are financial services, education services, air transport services, energy services, and telecommunication services. However, within the services sector the IT and BPO are among the fastest growing sectors. The growth in this sector is attributed to increased specialization, and an availability of a large pool of low cost, highly skilled, educated and fluent English-speaking workers, on the supply side, matched on the demand side by an increased desire on the part of foreign consumers in India's service exports. As defined by the Government of India Planning Commission, "IT and ITES" (information technology and information technology enabled services) export revenues grew at an average annual rate of 32% from 2001–02 to 2006–07 (from $7.7 billion to $31.3 billion). Export revenues are estimated to gross USD 50.1 billion in FY2010, growing by 5.4 per cent over FY2009. Success in IT-BPO exports has had a positive influence on exports of other knowledge-based services—such as financial services, biotechnology, media, entertainment, and healthcare—which rely on IT infrastructure. As a proportion of national GDP, the sector revenues have grown from 1.2 per cent in FY1998 to an estimated 6.1 per cent in FY2010 Talent What makes work more inspiring for these young minds is the ability to showcase their talent by exceeding performance service levels and through process innovation. Examples include presenting Six Sigma quality projects (leading to significant dollar savings) to key leaders at client organizations, and then getting the green light for implementation. Not many people would have envisioned influencing senior stakeholders at a client organization after just few years of work experience. The exposure given to the population working in the outsourcing industry is diverse and global. These workers interact with the smartest brains in the industry, and learn from their peers across the world. The young Indian generation currently at work is gaining a significant edge to becoming global leaders of tomorrow. A note of warning though: Given widespread globalization, the ability to work across multiple cultures is critical to anyone wanting to climb the corporate ladder. A closing note Based on the same study by NASSCOM, opportunities in the global and domestic markets may help India reach USD 130 billion in IT-BPO revenues by 2015 – a projected growth rate of 14 per cent. The Indian IT-BPO industry is expected to contribute about 7 per cent to the annual GDP and create about 14.3 million employment opportunities (direct and indirect) by the year 2015. All in all, it’s been a great story over the last two decades, placing India in a top spot, with mature service capabilities, global footprints, and an abundant talent pool. Source-NASSCOM Strategic Review 2011 and CIA Factbook About the author Ankur Jain began his BPO career in India and has over 10 years of experience with Global BPOs as a Business Process Manager, Project Leader and Consultant. He graduated in Commerce and has a Masters degree in Business Administration.

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